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See and touch the data
Data visualization provides dynamic, visual AML reporting for on-the-spot answers for your next board meeting
By Jason Grasso, Solutions Architect, SAS Security Intelligence Practice
Imagine you’re presenting to your firm’s board regarding the state of the anti-money laundering (AML) program. With increased corporate and personal liability for both the board members and for BSA/AML officers, the line of questioning has become more complex and challenging. And so, before the meeting, you try to prepare for every type of question that might be asked. And you gather all of the reports you think you’ll need to provide a detailed answer.
If you don’t have the data at your fingertips and don’t answer their questions, is the board going to be willing to wait until the next meeting for the answer – especially when you consider the ever increasing regulatory pressures and potential reputation risks?
It's impossible to have static reports that can answer all of the questions that the board members are likely to raise.
The reality is that it is impossible to have static reports that can answer all of the questions that the board members are likely to raise. What if you had the ability to review any of the data you needed into a report on the fly? With in-memory technology – and commoditized hardware – large amounts of data can be quickly and easily pulled into dynamic reports that can provide powerful and insightful visualizations.
And it’s portable. So you can add the visualizations to your slide presentation – or better yet – you can display it on a tablet so you can quickly drill down to the detailed data to answer any unexpected questions.
Firms cannot continue to govern at the board level with static reporting that does not allow for on-the-spot, real-time questions and challenges of the information. The risks both professionally and personally for board members and AML professionals are too great. Firms continue to say that they want to be proactive regarding AML risks. To do that, the tone must be set at the top. Give the tools to allow your board to set the right tone.
Plus … wouldn’t we all be more comfortable in a meeting if we knew we had the answers at our fingertips?
For more information on modernizing your AML program, read this free whitepaper, Modernizing Anti-Money Laundering Practices.